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COMPANY REGISTRATION NUMBER: 05771004
Pentamon Limited
Filleted Unaudited Financial Statements
30 June 2023
Pentamon Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
6,511,223
6,514,029
Current assets
Debtors
6
344,153
279,528
Cash at bank and in hand
33,655
28,089
---------
---------
377,808
307,617
Creditors: amounts falling due within one year
7
944,322
661,017
---------
---------
Net current liabilities
566,514
353,400
------------
------------
Total assets less current liabilities
5,944,709
6,160,629
Creditors: amounts falling due after more than one year
8
1,285,176
1,415,292
Provisions
Taxation including deferred tax
241,601
238,827
------------
------------
Net assets
4,417,932
4,506,510
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
4,417,832
4,506,410
------------
------------
Shareholders funds
4,417,932
4,506,510
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Pentamon Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 19 March 2024 , and are signed on behalf of the board by:
Mr J Cherrington
Director
Company registration number: 05771004
Pentamon Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3 Greengate, Cardale Park, Harrogate, North Yorkshire, HG3 1GY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The accounts have been prepared on a going concern basis which assumes continued support of the company's creditors. No adjustments or provisions have been included which would arise should the company be unable to continue to trade.
Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable for the provision of goods and services to customers outside the company net of returns, sales allowances and VAT. Revenue from goods and services is recognised at the point the company fulfils its commercial obligations to the customer, the revenue and costs in respect of the transaction can be measured reliably and collectability is reasonably assured.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and Fittings
-
20% reducing balance
Motor Vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2022 and 30 June 2023
6,500,000
107,030
23,856
6,630,886
------------
---------
--------
------------
Depreciation
At 1 July 2022
93,001
23,856
116,857
Charge for the year
2,806
2,806
------------
---------
--------
------------
At 30 June 2023
95,807
23,856
119,663
------------
---------
--------
------------
Carrying amount
At 30 June 2023
6,500,000
11,223
6,511,223
------------
---------
--------
------------
At 30 June 2022
6,500,000
14,029
6,514,029
------------
---------
--------
------------
Tangible assets held at valuation
The directors consider the net book value of the properties to be accurate reflection of the open market value at the year end.
6. Debtors
2023
2022
£
£
Trade debtors
( 28,800)
( 28,800)
Amounts owed by group undertakings and undertakings in which the company has a participating interest
372,414
308,185
Other debtors
539
143
---------
---------
344,153
279,528
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
164,661
160,777
Trade creditors
1,003
3,579
Corporation tax
47,258
123,244
Social security and other taxes
16,327
17,203
Other creditors
2,361
2,361
Other creditors
712,712
353,853
---------
---------
944,322
661,017
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,285,176
1,415,292
------------
------------
9. Director's advances, credits and guarantees
There were no such transactions in the year.
10. Related party transactions
The company is a subsidiary of Harwood Developments Limited, by virtue of its 100% shareholding in the company. During the year the company received rent of £100,500 (2022 - £290,066) from Lapicida Stone Group Limited, a related party by way of Mr & Mrs Cherrington's shareholdings in both companies. The rent is charged on normal commercial terms. The company made a management charge to Lapicida Stone Group Limited of £143,000 in the prior year. At the balance sheet date the following was due from related parties by way of common control:
2023 2022
£ £
Harwood Developments Limited 372,414 308,185
No other transactions with related parties were undertaken such as are required to be disclosed under the Financial Reporting Standard 102.
11. Controlling party
The company is a wholly owned subsidiary of Harwood Developments Limited, a company registered in England and Wales.